What are the options?
We need help .....to help a couple we found who will lose their house in 90 days. We'd like to help them and do a deal but I can't think of how it can happen with the way the numbers are....unless there is a solution we don't know about because we are so new to investing. I told him I would reach out to our group of colleagues to see if there was anything that could be done and I would get back to him this week either with good news or bad news.
The house is in really good condition - but the bathrooms and kitchen need a makeover. 2 full baths. the house is about 1400 sq ft. The ARV is $140 to $150 after the kitchen/bath is upgraded. He currently has it listed for $160 but that's crazy given the kitchen and bath need makeup.
DETAILS:
Mortgage Principal balance is $108 (they mentioned payoff amount is maybe $120)
they are about $10K behind on the mortage (1 year in default).
They went to court last Friday and the judge ordered the $10K to be paid up or they will have to vacate the house in 90 days - they don't have the capital for the $10K they owe - and they don't have capital to move.
They've been in that house since it was built. He lost his job about a year ago and couldn't find work (he says due to age). He was a truck driver for over 20 years. He is now an uber driver and drives 60 hours a week.
They are 75 yrs old - they want to downsize into an RV and travel. So they need $10-15 grand to be able to do that.
He also has said they would like to stay in the house if someone wants to buy it and rent it out to them. I told him a Lease back is not something that can be done.
I appreciate any help you can give us!